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1. On November 10, Kendra, Inc., a U.S. Company, sold merchandise on credit to Nakakura Company of Japan at the price of 1,500,000 yen. Exchange rate was $0.00837 per yen on date of sale. On December 31, when Kendra made its financial statements, exchange rate was $0.00843. Nakakura Company paid hi full on January 12, when exchange rate was $0.00861. Kendra must create the following journal entry:

a

Sales

90

Foreign Exchange Gain

90

b

Foreign Exchange Loss

90

Sales

90

c

Accounts Receivable

90

Foreign Exchange Gain

90

d

Foreign Exchange Loss

90

Accounts Receivable

90

e

No journal entry is required until the amount is collected.

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